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Cyprus Property News

Gap between market value and developers prices continues to widen.

Date: 23/07/15

Effect on prices of all commodities caused by supply and demand is the corner stone of economic theory.

Limit one or the other and prices will raise of fall. This harsh economic reality has been seen within the real market for property in Cyprus where prices have fallen substantially since 2008. A property on the resale market in Cyprus will only find buyer if it is competitively priced, made to look its best and crucially has a separate title deed (or close to obtaining one).

Cypriot development companies on the other hand really do operate in a different world where property prices do not reflect open market realities. This was brought into sharp focus when the price list for a new development “Pearl Park” from Aristo Developers fell into our inbox. “Pearl Park” is located at the very far end of the “Universal Area” of Kato Paphos and comprises of 30 units over 5 blocks surrounding a common swimming pool. Prices in this project range from 262,000 Euro for a one-bedroom apartment, to 475,000 Euro for a three-bedroom apartment (prices including VAT).

Even taking into consideration the facilities within the project it’s obvious that developer’s prices are on a different planet to those of the resale market. So who buys these extremely overpriced properties and why? A quick look at the market material and it’s immediately apparent that residency in Cyprus is what’s really being sold. “Properties Suitable for Permanent Residency and E.U Citizenship” is how they are advertised on the brochure. And it’s not just Aristo sale’s pitch. Pafilia Developers are also building next to the Iasis Hospital in Universal area of Kato Paphos. The near completed and aptly named project “Iasis Park” is sold at similar prices to Aristo Developers and is clearly aimed at the same Chinese buyer and permanent residency seeker.

It’s worth pointing out again that permanent residency in Cyprus is easily obtained with a resale property and terms that are much more favorable than the “Fast Track” procedure. Our immigration and residency pages here outline the pros of permanent residency through the standard method. Our team of preferred lawyers can help you obtain a residency permit in Cyprus with little fuss and maximum comfort. This our help you will be certain that you have purchased a quality resale property at real market price with a title deed.